Vietnam Aims to Unlock Oil and Gas Resources with Revised Law

Vietnam is advancing the drafting of a revised Oil and Gas Law to address existing challenges in the sector and materialize the nation's energy strategy, aiming for sustainable development. According to Associate Professor, Dr. Pham Ngoc Linh, Vice President of the Vietnam Union of Science and Technology Associations, the bill is designed to perfect the legal framework for basic surveys and oil and gas operations. The revision also seeks to "unlock institutions" to foster the development of the entire oil and gas to new energy value chain. This is expected to strengthen the foundation supporting the country's energy industry and serve as a new driving force for economic growth. The Communist Party of Vietnam and the State have set the development of the energy sector as a long-term policy objective, and this legal revision is intended to translate that policy into concrete action. Particular focus is expected to be placed on streamlining resource exploration and establishing systems to attract domestic and foreign investment.